I've been interested in Real Estate for a long time and I decided to start looking into getting involved professionally. I'm looking for advice on getting started and, since central FL is a hot spot, hoping someone might know a place that's looking for trainees or new agents with an interest in investing. It seems like becoming an agent is fairly simple, but I was hoping you pros on BP might have some tips for doing it right!
Orlando and many other cities in FL are VERY difficult to become a successful (meaning make a full time living) as a real estate agent
1. The bar to entry is very low. Pass the test you are an agent
2, there are currently more agents then there are houses for sale
I ask anyone what are you going to do different then the thousands of other agents are doing to warrant a person to have you list their house or to have you put in an offer?
Well let's level set. Being a realtor is a business, not a job. When you get your Sales Associate's license many brokerages and realties will try to recruit you because for them you represent an income stream due to the commission split. Choosing a brokerage will depend on your style. If you like a large organization with a lot of formal training formal guidelines, and a sort of "corporate feel" with a similar culture to corporate employers except more leeway in how you go about the day to day of your business, then I would recommend the company in my signature. If you want more autonomy, freedom to get more creative, and don't so much need the extra training, events, and culture/community of a large organization, any lesser-know brokerage no matter how small should do, in fact I sometimes wonder how things may have turned out had I signed on with a small broker who was "investor aware" shall we say, and could give more specific guidance on how to pursue business in my case where I only know a handful of people in Florida and so the traditional "just call people you know" advice is not going to cut it.
Another thing to be aware of. As with any business, being a realtor requires investment to be successful. I had no idea the dollar amount I would need so I guessed at $10k and figured I could both live on that for two months and then have my first closing by then, as a full timer. That startup capital was not adequate and so now I'm looking for a day job and shifting this into a side hustle. I would recommend bringing $25k if you plan to quit the 9 to 5 for good and use that investment both for marketing and to give you pay the bills runway until you hit your more likely first closing at about 6 months. Or, keep your day job and you can use slices of your spare income as the marketing investment for your RE business.
The advantage of being a realtor is that even at $25k that investment is a little less than what you would typically need as a cash position to get your first REI door, so it can be a mid-way step between the "job job" and the "empire" we all dream of building.
Congratulations.....great timing with a ton of people moving to Florida right now. The market is hot.
1st step would be to get your license. There are packages, but might be good to just take one class...see how you like it, see if you are still interested after that, see if you pass the exam.
If you like it, take all the required classes, pass the exam for Florida and get after it.
All kinds of opportunity, but not everyone wants to work to take advantage of what is there.
I'm a new agent, so here's my opinion as a newbie.
1. Pre-licensing education is easy asf, and so is the test. If you don't pass the test, don't worry. You can take it an infinite # of times until you pass.
2. What interests you about real estate? Do you want to start a new career? Or are you looking to build a side business for passive income? You don't need your real estate license to wholesale or buy investment properties.
3. This is a business, not a job. There's no health insurance, no 401k, no salary or hourly wage. The average split for new agents is 70/30. Outside of $$, an agents success is based on personal drive, creativity, and consistency. You need discipline to wake up and work every single day without someone checking in on you.
4. On the positive side, there's hundreds of ways to make money in the industry. Of course you can sell regular homes and there's luxury properties but, you can work exclusively with investors, you can be an apartment hunter, or a property manager, you can work for home builders. You can go into commercial real estate. You can specialize in condo's, townhouses, large apartment buildings. You can be an assistant or a transaction coordinator or handle marketing. The sky is the limit. Don't let other people discourage you by saying "there's more realtors than homes." Cause 80% of realtors quit after two years. So if you're committed to the industry, you'll figure it out and your business will flourish. Remember that you're not in competition with other agents, you're in competition with yourself.
Welcome to real estate!
I'm CEO of a TC company so see LOTS of agents. The short answer is, the agents who succeed are the ones who hustle the most. Our clients answer their phone when clients call at 11pm. If there's a CMA that needs to run then, they'll do it that night instead of waiting for the morning
This is especially important, because to your point, the bar to entry is really low. That means being the agent who out-hustles is how you differentiate!